OREANDA-NEWS. November 21, 2007. PIK Group (LSE: PIK), one of Russia’s leading residential real estate developers, today announced the acquisition of a land plot in Omsk.

The 293 hectare land plot in Omsk was acquired for approximately US$ 63.3 million through an auction tender. The site is located in a perspective developing part of Omsk and intended to be a township development with estimated 2.5 million square meters of net sellable area. PIK will also provide the necessary infrastructure, such as schools, kindergarten and others.

PIK has already been operating in the area for over one-and-a-half years, where it develops various projects, such as “Continental” and “Crystal of Omsk” with total area of approximately 1 million square. meters.

Commenting on today’s announcement, Kirill Pisarev, CEO of PIK said: “This is a substantial regional acquisition, where the growth lies. Being coherent with our strategy, we are pleased to successfully complete this transaction”

Details - http://pik.ru/documents/FINAL_Omsk_eng.pdf